JasmyCoin price fell sharply on Tuesday after forming a double top pattern and amid changing sentiment in the cryptocurrency market.

Jasmi Quinn (JASMY) to an intraday low of $0.035, marking a 11.45% decline from Monday's high.

The collapse coincided with declines in the broader cryptocurrency market. Bitcoin (Bitcoin) fell below $100,000, while previously hot tokens and meme coins retreated.

Jasmy, often referred to as Bitcoin's Bitcoin, stumbled as futures market momentum faded. Open interest in futures rose to more than $66 million on Monday before falling to $61.45 million on Tuesday. Open interest has remained within a narrow range in recent days.

On-chain metrics also paint a bearish picture, with network growth slowing and large transactions declining by 10%. The number of large transactions fell from 387 in December to just 29, according to IntoTheBlock data.

Additional data from IntoTheBlock shows that new and active addresses are down 1.27% and 15% respectively over the past seven days. This indicates a decline in demand for the cryptocurrency.

Jasmy price is forming a risky pattern

JasmyCoin's recent price action shows a risky double top pattern at $0.041. The double top pattern is formed when the asset reaches double tops with a neckline, which in this case is at $0.031. It is often seen as a sign of a potential reversal.

JasmyCoin fell below the 50% Fibonacci retracement level and the 50-period moving average. It is also trading near the bottom of the Murrey Math Lines range.

There is a risk that the token could fall to $0.028, the key support level last seen on December 20. This scenario will be confirmed if JasmyCoin breaks below the uptrend line connecting the December 20 and January 1 lows.

The bearish view will be invalidated if JasmyCoin rises above $0.041. A break above this level could open the door to further gains, with a potential target at the 23.6% retracement level at $0.050, representing a 38% upside from current levels.